A young person decides to put aside some money for retirement by putting $1,000 in a 30-year savings bond that pays 3.0% simple
1 answer:
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1) Compound interest formula:
**<span>
**A = amount, P = principal amount, r = rate, n = # of times interest is compunded every year, t = time(in years)
2) Plug numbers in
</span>
3) Solve
A = 635.24458054
Hope this helped! Good Luck!
**A = amount, P = principal amount, r = rate, n = # of times interest is compunded every year, t = time(in years)
2) Plug numbers in
</span>
3) Solve
A = 635.24458054
Hope this helped! Good Luck!